Iggy Azalea pledges to burn her own cryptocurrency coins to combat scams and build trust in the crypto community.
Pop sensation and crypto enthusiast Iggy Azalea has pledged to burn her own cryptocurrency coins whenever a celebrity coin is identified as a scam. This decisive action aims to build trust and integrity within the cryptocurrency community, distinguishing Azalea from other controversial figures in the space.
Iggy Azalea has recently become a prominent figure in the crypto world, and she is committed to promoting a positive and trustworthy environment. Her innovative approach involves burning her own coins whenever a celebrity-associated coin turns out to be a scam, commonly referred to as a “rug pull.” Azalea believes this will help restore confidence among crypto investors and demonstrate her dedication to the community.
Azalea has expressed her enthusiasm for being a positive influence in the crypto space, highlighting the importance of setting a good example for others. She acknowledges that as a celebrity, she may face criticism and skepticism, but her plan to burn her coins in response to scams aims to counteract any negativity.
Iggy Azalea’s foray into the cryptocurrency world was not a result of direct onboarding by others but rather influenced by her partner’s interest in technology and innovation. She found a natural fit within the memecoin culture, which aligns with her affinity for internet culture and humor. This cultural connection has fueled her passion for being an active participant in the crypto community.
In her efforts to maintain the integrity of her own coin, dubbed Mother Iggy (MOTHER), Azalea has expressed her intention to secure a market maker. This move aims to ensure the stability and legitimacy of her cryptocurrency, further reinforcing her commitment to ethical practices in the crypto space.
Controversy Surrounding MOTHER Coin
Despite her efforts to promote transparency and trust, Azalea’s MOTHER coin has faced allegations of insider trading. Bubblemaps, a supply auditing tool platform, claimed that insiders acquired 20% of the token’s supply at launch and subsequently sold it for $2 million before Azalea officially announced the coin. This has raised questions about the legitimacy of the initial coin distribution.
However, these allegations received counterclaims. Dominium, an X user, has argued that the transactions identified were not a result of insider trading but rather the operations of miner extractable value (MEV) bots. These bots exploit arbitrage opportunities using publicly available transaction data, which does not constitute insider trading by traditional legal definitions.